A 50 bps rate hike may seem hawkish, but it was required to control inflation, South Indian Bank MD & CEO Murali Ramakrishnan said
Although outsourcing of a permissible activity is an operational decision of the lender, it exposes them to various risks, the RBI said
Shaktikanta Das' comments come after the RBI said that loading of credit lines on to prepaid payment instruments (PPIs) is prohibited, a model adopted by many fintechs. RBI to come up with digital lending guidelines within a few weeks, he added.
According to people aware of the matter, the central bank has already held discussions with stakeholders on various issues.
A group of fintechs have smelled an opportunity in the financial services market that focus on children, which is largely under-penetrated. Many firms like Muvin and Pencilton have already launched products like pre-paid cards, and many have either raised funds or are planning to do so to tap the market.
Executive director Anup Bagchi said banks may soon start to lend to MSMEs based on their cashflows and not on their solvency, thanks to the rapid adoption of digital services.
RBI monetary policy | The bank will soon issue guidelines on digital lending after going through around 650 suggestions it had received, says RBI
The bank is looking to invest nearly Rs 1,000 crore in building and upgrading its digital technology in the present fiscal, as per management.
India ranked third in terms of the number of start-ups joining the unicorn club in 2021, next only to the US and China.
Kamath said startup founders should raise funds only when required and not just because it is available. Kamath and PB Fintech founder Yashish Dahiya were speaking at Razorpay’s annual event on the future of fintech IPOs.
The AA system will disrupt banking as we know it. But it is not all threat to banks, they have new opportunities too
Using their wide network and technology, finetch firms are helping villagers register on CoWin. Their banking correspondents are spreading awareness and also encouraging people to get vaccinated against coronavirus
The difficulty borrowers face in repaying their loans is forcing many fintech lending startups to restructure loans and show them as ‘standard assets’ as the year draws to a close.
Startups like FamPay and Slice are coming up with products tailored for students and young professionals. Can they get these consumers to stick around and expand their product suite as they grow up?
Credit cards gain popularity as startups work out innovative solutions with banks to expand the user base. Can new-age private banks corner a larger market share through these partnerships?
When you borrow, you’ve got to repay. But lenders cannot humiliate you and use aggressive methods for recovery